CaseStudy: Executing Business Strategy
Q.2: How can the company execute its strategy successfully?
Smallbiotechnology companies (such as IMV) have three viable alternativesin which they can execute their strategies. First, harnessinginter-organization relationship with firms with adequate resourcescan help IMV implement its research as well as the productdevelopment strategy. For example, partnering with institutions ofhigher learning (such as Dalhousie University), which are endowedwith research facilities can help IMV accomplish its long-term goalswithout the need for purchasing its own facilities. Secondly, IMVshould have a clear management structure that outlines the duties andresponsibility of all members of staff. This will ensure that the CEOhandles the overall managerial tasks, leaving the operational rolesto the junior members of staff and scientists. Third, financialconstraints that hinder the execution of strategic plans can beovercome by partnering or merging with players in the industry inorder to take advantage of synergy and compete with big firms.